Leading cryptocurrencies plunged deeper on Thursday as investors weighed President Donald Trump’s latest remarks on Iran.

Crypto Market Tumbles

Bitcoin fell below $71,000 for the first time in nearly three months, while Ethereum slipped below $2,000 as major cryptocurrencies faced heavy selling pressure.

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Cryptocurrency-related stocks also fell, with Strategy Inc. ) and Bitmine Immersion Technologies Inc. ) closing down 6.49% and 4.13%, respectively.

Over $680 million in cryptocurrency positions were liquidated in the past 24 hours, with roughly $600 million coming from bullish long positions, according to Coinglass data.

Bitcoin’s open interest fell 1.21% over the last 24 hours. $BTC’s Long/Short Ratio fell to 0.79, indicating high bearish exposure.

Market sentiment plunged into "Extreme Fear," according to the Crypto Fear & Greed Index.

Top Gainers (24 Hours)

Stock Market Makes a U-Turn

The Dow Jones Industrial Average lost 189.40 points, or 0.36%, to close at 52,297.09. The S&P 500 fell 0.35% to end at 7,592.40, while the Nasdaq Composite closed 0.39% higher at 25,366.09.

Geopolitical tensions escalated after Trump said in a Truth Social post, "We don’t need a deal with Iran.”

Iranian Security Chief Mohsen Rezaee warned that and the Middle East if Washington launches another round of strikes against Iran.

Will $BTC’s Correction Deepen?

Ali Martinez, a widely followed cryptocurrency analyst and trader, noted Bitcoin’s nearly 20% decline since early October and its break below the 200-day simple moving average.

“The level I’m watching now is $73,100. Reclaiming it could keep recovery hopes alive,” Martinez stated. “But if $BTC remains below it, the correction could deepen.”

On-chain analytics firm Santiment tracked Bitcoin’s declining social volume around three key “fear” drivers: U.S.-Iran war tensions, Binance’s record $6.3 billion hack and political worries after Democrats won both congressional chambers.

“With roughly seven weeks left in 2026, a relief rally becomes more plausible if $BTC can stabilize while focus can finally turn back toward more organic cryptocurrency market cap growth,” the firm added.

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